Novatti, a global payment solution provider, has partnered with Switzerland-based Myriad Group to extend their mobile money solution with USSD capabilities, enabling interactivity with non-smartphone devices. The mobile money solution will focus on existing regions of operations including Sub-Saharan Africa, Southeast Asia, Latin America and Europe.
According to the World Bank, in 2014, 86% of adults in the Middle East were unbanked, the highest rate of unbanked adults in the world. Followed closely by Sub-Saharan Africa with 66% of adults unbanked. Central Asia, Europe and Latin America have an average of 49% of all adults unbanked. With evident demand for a stable mobile money solution around the world, the partnership is set to create a social impact on the industry.
Novatti cites a recent study by the GSM Association that found that there were only 263 mobile money operators worldwide. With a current estimate of over 1,200 telecommunication companies and countless banks around the globe, there is a dire need to provide a proactive approach that will improve financial inclusion for adults without access to a bank account, said Novatti.
Peter Cook, CEO of Novatti
Due to USSD’s simplicity and robustness, we can also utilise it as a backup channel in developed regions to ensure a user’s accessibility to their accounts.
